topic LexisNexis states on website that their IRS Verify services are not accurate in General Credit Topics

LexisNexis states on website that their IRS Verify services are not accurate

Anonymous — Tue, 30 Aug 2016 22:56:48 GMT

The LexisNexis® IRS Verify provides a direct gateway access connection to data maintained by the Internal Revenue Service. The IRS Verify services are not provided by “consumer reporting agencies,” as that term is defined in the Fair Credit Reporting Act (15 U.S.C. § 1681, et seq.) (“FCRA”) and do not deliver a “consumer report” as that term is defined in the FCRA. Accordingly, information provided via the IRS Verify services may not be used in whole or in part as a factor in determining eligibility for credit, insurance, employment or another purpose in connection with which a consumer report may be used under the FCRA. Source data is sometimes reported or entered inaccurately, or processed incorrectly, and is generally not free from defect.

This is from LN website. Seems like Synchrony would be in violation.

Re: LexisNexis states on website that their IRS Verify services are not accurate

-Cal- — Tue, 30 Aug 2016 23:02:44 GMT

This is interesting. I wonder how a CFPB complaint citing that info directly from LN would pan out from someone who had one of these incidents with Synchrony.

Re: LexisNexis states on website that their IRS Verify services are not accurate

Anonymous — Tue, 30 Aug 2016 23:21:03 GMT

LexisNexis website verbiage covers what LexisNexis does. It does not govern what Synchrony does nor how they choose to grant credit.

Synchrony can legitimately use pretty much any criteria they want to extend or have you keep your credit (their credit card agreements say that they can extend or rescind credit at any time, for any reason), so the above listed information has no oversight relative to Synchrony's operations.

Re: LexisNexis states on website that their IRS Verify services are not accurate

kdm31091 — Tue, 30 Aug 2016 23:32:48 GMT

@Anonymous wrote:
LexisNexis website verbiage covers what LexisNexis does. It does not govern what Synchrony does nor how they choose to grant credit.

Synchrony can legitimately use pretty much any criteria they want to extend or have you keep your credit (their credit card agreements say that they can extend or rescind credit at any time, for any reason), so the above listed information has no oversight relative to Synchrony's operations.

Agreed on this. Despite consumer protection laws, you have very few rights when it comes to the actual credit cards themselves. The credit can be revoked at any point for whatever reason the lender determines (or no reason at all). The only thing that laws really protect are things like rates and fees, so that the lender cannot just decide they don't like you and make your APR 30% for no reason at all. But they can absolutely take away the credit itself if they feel you are a risk for any reason.